The parent you claim as a dependent must be a relative of yours. This shouldn’t be a problem if you are claiming a parent. (Note that it's permissible for you to claim an in-law or stepparent as a parent who is a dependent.) However, keep in mind that foster parents do not cou...
The U.S. tax code makes it clear who can be claimed as a dependent, but it's a little less precise about when a dependent can voluntarily separate themselves from a taxpayer who's able to claim them. Dependents can and often should file their own tax returns, but this doesn't necessar...
Fordivorced or separatedparents, the custodial parent (the parent with whom the child resides for the most nights out of the year) can claim the credit even if the other parent has the right to claim the child as a dependent due to the divorce or separation agr...
bank account, and any other assets you may have to satisfy that debt. The judge approves the garnishment to square the debt. Are all your assets vulnerable, includingSocial Security
we are seeing volatility in the market. You don't want to get caught off guard when you file your tax return next year. So you really should be thinking about this now. Lisa Greene-Lewis, CPA and TurboTax expert is here with us right now. So let's talk about this. O...
and school supplies are exempt from taxation. However, Pell Grant funds spent on other expenses that aren’t considered “qualified education expenses,” even if associated with living expenses, count as taxable income. You should consult with your school’s financial aid office or a tax professio...
You work in the Tax Compliance Department of a major publicly traded supermarket chain. The company is considering whether to claim a deduction for food donated to va Workers' Compensation can be tracked within QuickBooks Payroll. a. True b. False Mr. King is employed as ...
Chapter 13:This option lets you propose a repayment plan that details how you’ll pay back your creditors over a certain amount of time. You have to have a steady income to claim this option. This is a very quick overview, so check outNOLO’s page on bankruptcyif you want to know mor...
it increases to $24,000 from $12,700. However, it eliminates personal exemptions. Previously, you were allowed to claim a $4,050 personal exemption for yourself, your spouse, and each of your dependents. Claiming these exemptions lowered your taxable income and thus your tax burden in the ...
Military retirement pay is also subject to federal taxes, following the IRS rules for those receiving pensions, and for those over (or under) age 65. The military will withhold money from retirement checks according to the number of exemptions you claim on your tax return. ...